Picton Prop Company Research (PCTN)

Picton Property Income (PCTN) has published its Q326 trading update. NAV per share increased by 0.9% to 102.4p, the sixth successive quarterly increase, driven by like-for-like property valuation gains and retained earnings. Including DPS paid, the NAV total return was 1.8%, building on the 3.4% return in H126. Q1 DPS was 1.12x covered. Operationally, PCTN is focused on capturing significant rent reversion upside, with several positive developments in the quarter, and a current pipeline of £1.6m of new lettings agreed subject to contract. Alongside this, the recently announced strategic review will explore all options available to maximise value for shareholders.